Merchandise Imports increase for the first six months of 2012
"The first six months of 2012 as compared to the similar period a year ago, revealed that merchandise imports increased by 1.2 percent to reach $369.9 million."The first six months of 2012 as compared to the similar period a year ago, revealed that merchandise imports increased by 1.2 percent to reach $369.9 million. This growth resulted from a 6.3 percent decline in merchandise imports during the second quarter which was outweighed by the strong growth of 8.4 percent during the first quarter of 2012.
The Honourable Premier and Minster for Finance, Mr. McKeeva Bush is pleased to report: ⫿The continued growth of imports in the first half of 2012 indicates our steady economic recovery which will be enhanced by commencement of construction of Health City Cayman Islands (aka Dr. Shetty Hospital).???
The second quarter decline in total merchandise imports was primarily due to reductions in petroleum products largely mineral fuels, lubricants and related materials. During the period, both the quantity and average price of petroleum products contracted. However, for the first six months of 2012, non-petroleum products increased by 4.9 percent, which included food and live animals, chemicals and related products, and manufactured products classified by materials.
Total value of goods exported from the Cayman Islands between April and June increased by 82.4 percent to $7.3 million as compared to last year. Similarly, for the first half of 2012, the value of goods exported increased by 12.7 percent when compared to the same period a year ago.
These performances of both import and export of goods resulted in a widening of the trade deficit by 1.0 percent to $359.8 million as the growth in imports exceeds the growth in exports of goods.